When are Aussie retails sales / trade balance and how could they affect AUD/USD?
Aussie retails sales overview
Retail sales are due today for the month of April scheduled for a 0130GMT.
Australia: Jul retail sales are expected by Westpac for Aug to rise by +0.2% as income growth remains muted, consumers are cautious due to pressures on finances, and business surveys point to weaker retail conditions.
Note: ("The Aug trade balance is expected to be a 0.9bn surplus but Westpac’s forecast is 0.5bn, in line with Jul’s figure. Export earnings are -0.2% with higher iron ore prices offsetting lower coal and LNG volumes, while the import bill is -0.3% on a stronger AUD" - Westpac).
How could retail sales affect AUD/USD?
On a better retail sales print, the Aussie could towards the 200 hourly sma at 0.7865. A break there will open risk through 0.7874, yesterday's high and 0.7882, 27th Sep high aheda of a break of 0.79 the figure and 21st Sep lows. If history is anything to go by, we have seen ranges as high as 50 pips on the release of this data, so, to the downside, and below the cluster of hourly smas, 0.78 the figure guards 0.7785.
Key notes:
- AUDUSD: Remains choppy
- AUD/USD analysis: Australian data to set the tone
- About Aussie Retail sales:
The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.